Jeep Sales Slide 11% as Fiat Chrysler March Sales Drop 5%

Year over year, sales dropped 5% at Fiat Chrysler Automobiles N.V. (NYSE: FCAU) in March to 190,254 units. The Jeep brand posted a sales drop of 11% as the Jeep Compass showed a year-over-year sales decline of 66% and the Patriot posted a sales drop of 36%. Grand Cherokee sales rose 22%, while Renegade sales decreased by 9%.

Analysts at Kelley Blue Book (KBB) had projected March sales at 205,000 units, a 2.8% year-over-year increase. KBB also estimated average selling price of $35,929 for March, up 1.7% year over year and down 0.9% month over month in average selling price.

The company’s Jeep brand sold a total of 67,983 units in March. The all-new Jeep Renegade sold 8,065 units in March, while Grand Cherokee sales totaled 20,374 units.

Ram pickup sales increased 6% in March to 46,384 units. Last year, Ram sold 48,797 pickups in March.

Sales of the company’s Chrysler brand dropped 33% year over year, as sales of the Chrysler 200 fell 48% in March to 2,565. FCA continues to try to sell all dealer inventory on this discontinued model. Sales of the Chrysler 300 fell 19% to 4,969 units. The all-new Pacifica minivan posted March sales of 9,340 and has sold more than 25,000 units since the beginning of the year.

The company’s Dodge brand sales rose 10% year-over-year in March, as sales of the Dodge Caravan jumped 19% to 15,602 units in the month. The company’s Journey compact sport utility vehicle (SUV) saw sales double year over year to 11,858 units sold in March.

Passenger car and minivan sales were down 14%, utility vehicle sales were down 4% and total truck and light commercial vehicle sales rose 6%. Maserati sales jumped 32%, from 997 in March 2016 to 1,312 units last month.

Chrysler’s shares traded down about 4.2% Wednesday morning, at $10.47 in a 52-week range of $5.45 to $11.63. The consensus price target on the stock is $15.11.